Forums: Discussions for entrepreneurs and small business.

Hi, I want to get a credit card for business only.  Does anyone have any suggestions or advice on which company is or has worked for them?

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Monica McPartland
Claddagh Weddings and Events.com

I have two business cards. 

One is from Capital One.  I especially like the annual expense listing provided at the end of each tax year with items broken out according to tax categories.

The other is an American Express card.  It`s great for business travel and has a number of benefits and discounts - like a discount on Fedex shipping.

However, I am considering trading the Capital  One card for one offered through my small business account at WaMu.

- J.



 


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Jeff Fisher | Jeff Fisher LogoMotives | Tweet! Tweet!

Thanks very much, I am going to look at them today!

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Monica McPartland
Claddagh Weddings and Events.com

American Express Corporate card is fantastic.

I do not believe I could have gotten to the point I am at today without that card.

It has no preset spending limit.

It has to be paid off every cycle. 

You can get it in your company`s name (it wont affect your personal credit). 

If you sign up for the rewards program (think its $75 a year) every dollar charged =1 point, trade points for stuff (my favorite is vactions). Go go vacations!  My wife and I went to Las Vegas for a week, round trip air, hotel, and car rental for ZERO out of pocket. Go go vacations!

The customer service has been utterly fantastic every time I have had to deal with them.  I had my card # stolen 6 months ago, it took an entire 10 minutes on the phone over 2 seperate phone calls (they called me the first time to let me know, I called them at the end of the month to let them know which charges were bogus) to clear out $40,000 worth of charges and I had a new card in my hand the very next day (at no charge).

I also have a business Capitol One card for the places I cannot use the AMEX, but I tend to not go back a 2nd time unless I cannot get whatever I need somewhere else.

All the considerations here are great. I just would like to add one other thing to be considered in the process of getting a cc for your business, the size of the expense account.

Credit cards will give you great benefits, as you have been able to see the great examples here. However, you need to think about negotiating the best deal for your business. Dont forget to ask about no maintanance fee, best possible first six months APR, financial reports and anything else you may feel will help to keep your expenses down.

Credit cards fees can be a hit if you have a very small maigin in your business and the business is not very large. Also consider focusing benefits on the charges and not on the gifts. Dont forget, there are no free lunches.

I hope I was as helpful as the other folks here. Good luck.

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jump! jump! jump!...didn`t it feel good!!!

Thanks everyone for the info and suggestions.  It was great to get advice from people who have been there, done that!  Take Care!

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Monica McPartland
Claddagh Weddings and Events.com

I only have a debit card.  I don`t answer to anyone I could ever be in debt to.  I operate out of cash only in the business and never have, never will owe money on it.  Even if it may be only for 1 month. 

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www.LukasCoaching.com

Low-cost website design, payroll processing, bill payment, bookkeeping and financial coaching for the distressed or well-off consumer or business.

Full service coaching firm offering, career, financial, health & nutrition and business coaching.

Good Point!  Thanks

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Monica McPartland
Claddagh Weddings and Events.com

monica,

you`re going to start hearing jeff`s and my voices on the radio promoting the brand new Discover Card for Small Business. it`s got a great rewards program, great customer service, and some other bennies. they`re a newer entry into the business and have a lot of market share to gain so you can expect them to go the extra mile to impress users.

one other note, as it relates to credit cards versus debit cards. debit cards don`t help you in establishing business credit - only credit cards do, so take that into account when you use plastic!

rich

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Rich Sloan , Co-Founder, Chief Startupologist, StartupNation

Everyone takes MC and Visa. Most take American Express, signifigantly less take Discover.  Especially on the vendor side.